UK retirement housing provider Audley Group has teamed up with Real Estate and Octopus Real Estate to develop four retirement villages worth 拢400m (鈧�439.8m).
The companies have formed a joint venture to develop more than 500 units in total at the Audley Villages sites at Cobham in Surrey, Sunningdale Park in Berkshire, Scarcroft in West Yorkshire and Stanbridge Earls in Hampshire.
and Octopus will provide the majority of equity for the developments alongside Audley.
Audley, which owns a portfolio of 20 villages across the country, will be responsible for the operational delivery of the villages and long-term ownership.
Nick Sanderson, founder and CEO, Audley Group, said: 鈥淲e have extensive experience of both developing and operating retirement villages, working with multiple partners across the UK.
鈥淭his new JV structure allows us to execute our model in a way which is far less capital intensive, but still delivers the first-class product which the market demands.鈥�
Kevin Beirne, director retirement, Octopus Real Estate, said: 鈥淲e鈥檙e delighted to be working alongside Audley in this strategic partnership to create the much-needed retirement community real estate for the older population.
鈥淚t is fitting that our first investment alongside Schroders is with the retirement communities sector leader.鈥�
Patrick Bone, fund manager, Schroders, said: 鈥淭his opportunity is underpinned by very favourable structural and demographic trends which are expected to drive strong real estate returns over the next decade.
鈥淲e believe this strategy will also deliver a positive social impact, through the improvement in the wellbeing of residents and the much-needed recycling of larger homes back on to the UK residential market.鈥�
